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Boat

Boat Insurance Policies

Boat Insurance Policies

Some boats are valuable enough that owners place insurance policies against their accidental destruction in collisions or by forces of nature. Other types of insurance protect against human damage, similar to auto insurance. In some areas, boat insurance is required by law and in others it is optional. It is a smart choice for some owners.

Why Purchase Boat Insurance

A working class person who owns an inexpensive aluminum john boat is unlikely to take an insurance policy on it. On the other hand, a doctor who buys a $30 thousand bass boat might consider insurance for it. This would especially be true of a person who prefers gliding across the water at high speeds for the sport of it. If a person can afford a yacht or some other large boat, then it is a significant asset worth protecting. Insurance is standard practice for large boats.

Finding a Provider and Choosing an Option

Most major insurance companies offer options for boats. Their coverage is comprehensive similar to automobile or accident insurance. The craft itself is protected, and any injury to anyone operating or riding on the craft is protected if an accident can be proven. Policies also typically protect against liability, which means being sued if a third party is injured in a collision. Insurance might also pay for rescue costs if the operator becomes stranded in the middle of the sea or large lake. Ocean vessels and inland vessels generally require different types of insurance.

Benefits Versus Possible Costs

Watercraft insurance does not take frequency of use into account. It assumes that the craft is being used all the time. This can result in a considerable price tag. Large craft can cost a few hundred dollars a month to insure, although small water craft like ski jets cost less. It is smart to have liability insurance for any craft that is operated at high speed, because injury is a constant risk.

The most important benefit of having insurance is being able to go anywhere in the country and enjoy all the lakes and shorelines. The vessel itself is worth protecting against damage, and parties on board do not have to turn into a lawsuit. It is a worthwhile investment that keeps water sports safe and civilized.